OPEC Extraordinary Meeting Coming Up

From Reuters

So the price of the only product OPEC cares about has fallen by about 50% in the last couple of months, and they want to have another get-together.

You will recall that Saudi Arabia told the rest of the tin-pot dictators in OPEC that they were going to increase output, instead of decreasing like everybody else wanted to.

Well the price of oil began to fall despite tensions in Georgia. Then the tensions in Georgia eased. And the hurricane season hasn't panned out as a particularly nasty one.

Well GOLLY, it looks like we are headed back to a rational market price for oil. So they're going to have a meeting. Let's hope Saudi Arabia has the sense to tell them to sit down and shut up and not make things worse.

You know, maybe if the OPEC member nations would turn the oil money into industrial infrastructure instead of luxury yachts & private planes for national leaders, they wouldn't have to worry so much about the price of a single commodity when the prices of all the world's commodities are set to plummet, including their only one.

Everybody keep looking and let's see if the price of oil as if falls through $70 continues to be President Bush's fault, like it was when it was $140 according to the downstream press.